FYI: Conventional wisdom says you’ll need to replace roughly 70-80% of your income in retirement.
These rules of thumb are always situation-dependent and rely heavily on a number of assumptions but this is the baseline most people set for themselves.
However, most people only say this number because it’s conventional wisdom. When you dig a little deeper, we find most people have much higher expectations for their own retirement scenario. And those expectations are wildly out of whack with reality.
Regards,
Ted
http://awealthofcommonsense.com/2018/09/watch-what-people-do-not-what-they-say/
